Manama I December 09, 2020
Al Baraka Banking Group B.S.C (“Group”), headquartered in the Kingdom of Bahrain, today announced the approval of its Board of Directors to appoint Mr. Mazin Manna as the Group’s new President & Chief Executive and member of the Board. The appointment, which was taken by the Board on December 08, 2020 at their meeting, held under the Chairmanship of Sheikh Abdullah Saleh Kamel, is effective from January 01, 2021 after it has been approved by the Central Bank of Bahrain.
Mr. Manna will be taking charge from Mr. Adnan Ahmed Yousif, who will be retiring from the Group, effective December 31, 2020, following a tenure of around two decades at ABG, which has seen ABG grow into a global Islamic banking leader.
Commenting, Sheikh Abdullah Saleh Kamel said: “On behalf of the Board, I’d like to take this opportunity to thank Mr. Yousif for his strong stewardship of ABG, which has seen the Group become a pioneer of the Islamic banking industry and has taken Islamic Banking globally. We thank him for all of his efforts, which have laid strong foundations for the next phase of the Group’s growth and continued transformation. I would also like to welcome Mr. Manna as the Group’s incoming President and Chief Executive. His appointment comes in line with the Group’s strategy for the forthcoming period, focusing on improving performance through enhanced operational efficiency and greater alignment to the business model. This is currently being pursued through the conversion of the Group’s license from an Islamic wholesale banking to a Category 1 Islamic Investment Firm. Approval to pursue the transition was recently given by the Extraordinary General Assembly and is subject to obtaining the necessary approvals from the Central Bank of Bahrain. In addition to that, we are confident that the new CEO and the management team will implement the vision and strategies of the Board of Directors on the ground aimed at further enhancing the interest and benefit of the Group and all its stakeholders”.
The Chairman of the Board of Directors congratulated Mr. Mazin Manna for the confidence of the Board of Directors in appointing him to this position, indicating Mr. Manna’s great and long experience in banking industry, wishing him success in his new duties.
Mr. Manna comes to the role with nearly three decades of experience in the banking and financial sector and deep knowledge of the regional economies. Most recently, he served as CEO of Abu Dhabi Islamic Bank. Prior to that, he was the CEO for the Middle East and North Africa at Credit Agricole CIB and Group Senior Country officer for the UAE and was a member of the Extended Executive Committee of Credit Agricole CIB.
He started his career with Citi in 1991 where he worked for 24 years holding various positions and serving as CEO for Bahrain from 2010-2015, during which time he was responsible for Citibank’s corporate, investment and consumer banking businesses as well as key relationships in Saudi Arabia. He also co-headed Citi’s corporate and investment banking business in the Middle East and held senior positions in corporate and investment banking in the Gulf region, this includes serving as Managing Director of Citi Islamic Investment Bank. He is a graduate of the London School of Economics and Political Science.
ABG has a wide geographical presence in the form of subsidiary banking units (“Units”) and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition to two branches in Iraq and representative offices in Indonesia and Libya.
The Group and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a. The authorized capital of ABG is US$2.5 billion.
Mr. Manna will be taking charge from Mr. Adnan Ahmed Yousif, who will be retiring from the Group, effective December 31, 2020, following a tenure of around two decades at ABG, which has seen ABG grow into a global Islamic banking leader.
Commenting, Sheikh Abdullah Saleh Kamel said: “On behalf of the Board, I’d like to take this opportunity to thank Mr. Yousif for his strong stewardship of ABG, which has seen the Group become a pioneer of the Islamic banking industry and has taken Islamic Banking globally. We thank him for all of his efforts, which have laid strong foundations for the next phase of the Group’s growth and continued transformation. I would also like to welcome Mr. Manna as the Group’s incoming President and Chief Executive. His appointment comes in line with the Group’s strategy for the forthcoming period, focusing on improving performance through enhanced operational efficiency and greater alignment to the business model. This is currently being pursued through the conversion of the Group’s license from an Islamic wholesale banking to a Category 1 Islamic Investment Firm. Approval to pursue the transition was recently given by the Extraordinary General Assembly and is subject to obtaining the necessary approvals from the Central Bank of Bahrain. In addition to that, we are confident that the new CEO and the management team will implement the vision and strategies of the Board of Directors on the ground aimed at further enhancing the interest and benefit of the Group and all its stakeholders”.
The Chairman of the Board of Directors congratulated Mr. Mazin Manna for the confidence of the Board of Directors in appointing him to this position, indicating Mr. Manna’s great and long experience in banking industry, wishing him success in his new duties.
Mr. Manna comes to the role with nearly three decades of experience in the banking and financial sector and deep knowledge of the regional economies. Most recently, he served as CEO of Abu Dhabi Islamic Bank. Prior to that, he was the CEO for the Middle East and North Africa at Credit Agricole CIB and Group Senior Country officer for the UAE and was a member of the Extended Executive Committee of Credit Agricole CIB.
He started his career with Citi in 1991 where he worked for 24 years holding various positions and serving as CEO for Bahrain from 2010-2015, during which time he was responsible for Citibank’s corporate, investment and consumer banking businesses as well as key relationships in Saudi Arabia. He also co-headed Citi’s corporate and investment banking business in the Middle East and held senior positions in corporate and investment banking in the Gulf region, this includes serving as Managing Director of Citi Islamic Investment Bank. He is a graduate of the London School of Economics and Political Science.
ABG has a wide geographical presence in the form of subsidiary banking units (“Units”) and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition to two branches in Iraq and representative offices in Indonesia and Libya.
The Group and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a. The authorized capital of ABG is US$2.5 billion.